The new Romanian Tax Code is to come into force from 1 January 2016. Some of the VAT features of the new act are:
· The standard VAT rate will be reduced from 24% to 19%;
· The application for a reduced VAT rate of 9% re access to sports events;
· The application of the reverse charge mechanism will apply on the supply of buildings, parts of buildings and land which are subject to VAT
The above is based on the draft document sent to the Parliament for discussion and approval.